A new Scheme administrator for HSBC Bank Pension Scheme

8 March 2022

HSBC Bank Pension Scheme publishes on its website

The Trustee manages the Scheme with the help of our advisers and service providers. One major service provider is the Scheme administrator. It carries out a wide range of tasks, from keeping our member records updated to paying member benefits and running our member helpline.

We regularly monitor the performance of our Scheme administrator and periodically undertake in-depth reviews, with a view to making sure that our members are getting the best service available in the market. As part of these reviews, we look at the service needs of our members, the quality of customer services and helplines, the latest technology available in the market and the expertise of administration teams.

Over time, the market for administration services has changed and different service providers are now offering better technology and more specialised services. After a thorough market review in 2020, the Trustee decided to appoint a new, separate specialist administrator for our hybrid and Defined Benefit (DB) members.

A new Scheme administrator

From 30 May 2022, Equiniti will replace Willis Towers Watson (WTW) as the Scheme administrator for our hybrid and DB members. Equiniti is a specialist provider of DB and hybrid administration services. It has an excellent record of delivering high quality member services and has been administering DB and hybrid pension schemes for over 180 years. Equiniti supports over 4.2 million pensioners with a team of 1,400 administrators. It has made significant investments in technology and has an information technology team of over 200 staff. We believe this change will really benefit our hybrid and DB members.

Source: HSBC Bank (UK) Pension Scheme